Purpose

The report will seek approval to enter a lease
with an operator for the Stratford Picturehouse following a
competitive expression of interest bidding process.

Decision

For the reasons set out in this report and its
appendices, Cabinet RESOLVED to Agree to:
 

i) 
Approve entering into a lease agreement with OFJ London Ltd
(trading as Oxygen ActivePlay) to
occupy and operate the Council owned asset at Former Stratford East
Picturehouse, Stratford, London E15 1BX (“former Stratford
East Picturehouse”).

ii) 
Delegate authority to the Corporate Director for Inclusive Economy,
Housing and Culture to agree terms of the lease disposal, in
consultation with the lead member for Inclusive Economy, Strategic
Housing and Culture and the Cabinet member for Finance and
Resources.
 
Alternatives
considered
 

a) 
The Council could choose to lease the former Stratford East
Picturehouse to one of the other bidders, however the financial
offer from Oxygen ActivePlay is
significantly higher and the offer has been deemed the most
advantageous to the Council, particularly in the context of the
Best Value Notice. Refer to Exempt Appendix 1 for detailsof bids
received.

b) 
The Council could choose to market the former Stratford East
Picturehouse again to seek alternative bidders however, the cost of
leaving the property vacant is significant and this option is
therefore not deemed to be in the best interest of the Council or
the local economy in Stratford town centre.

c) 
The Council could choose to seek a full disposal option or form a
partnership for redevelopment of the site, however it would take a
significant amount of time to develop the plans for this and ensure
the redevelopment is carried out in alignment with the Stratford
Vision and other Council Policies. Therefore, it is recommended
that a lease is progressed, and the long-term option for full
redevelopment continue to be considered in due course.